Principal Financial Group Inc. Sells 8,434 Shares of Myers Industries, Inc. (NYSE:MYE)

Principal Financial Group Inc. lowered its stake in Myers Industries, Inc. (NYSE:MYE) by 4.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 176,298 shares of the industrial products company’s stock after selling 8,434 shares during the quarter. Principal Financial Group Inc. owned about 0.47% of Myers Industries worth $2,436,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Myers Industries by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,604,324 shares of the industrial products company’s stock valued at $21,466,000 after purchasing an additional 4,777 shares during the last quarter. Gabelli Funds LLC lifted its position in shares of Myers Industries by 3.9% during the second quarter. Gabelli Funds LLC now owns 1,572,250 shares of the industrial products company’s stock worth $21,037,000 after purchasing an additional 58,500 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Myers Industries by 8.3% during the second quarter. Renaissance Technologies LLC now owns 1,480,597 shares of the industrial products company’s stock worth $19,810,000 after acquiring an additional 113,100 shares during the period. State Street Corp lifted its holdings in shares of Myers Industries by 2.6% in the 3rd quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock worth $19,176,000 after buying an additional 35,456 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of Myers Industries by 1.1% in the 3rd quarter. Victory Capital Management Inc. now owns 1,034,125 shares of the industrial products company’s stock valued at $14,292,000 after purchasing an additional 11,434 shares in the last quarter. 90.82% of the stock is currently owned by institutional investors.

Myers Industries Price Performance

Shares of Myers Industries stock opened at $10.97 on Friday. Myers Industries, Inc. has a twelve month low of $10.35 and a twelve month high of $23.63. The firm has a market cap of $408.74 million, a PE ratio of 26.12 and a beta of 1.22. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The business has a 50-day moving average price of $11.68 and a 200 day moving average price of $13.08.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Monday, November 4th. The industrial products company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. The firm had revenue of $205.07 million for the quarter. During the same period last year, the firm earned $0.38 EPS. Sell-side analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Tuesday, December 3rd were issued a dividend of $0.135 per share. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.92%. Myers Industries’s dividend payout ratio is currently 128.57%.

Analyst Ratings Changes

MYE has been the subject of several analyst reports. StockNews.com lowered shares of Myers Industries from a “hold” rating to a “sell” rating in a research report on Friday, December 27th. KeyCorp downgraded Myers Industries from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, November 6th.

Insider Activity

In other news, CEO Dave Basque acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were purchased at an average price of $11.33 per share, for a total transaction of $56,650.00. Following the acquisition, the chief executive officer now owns 29,152 shares of the company’s stock, valued at $330,292.16. This represents a 20.70 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired a total of 19,500 shares of company stock valued at $232,575 in the last quarter. Insiders own 1.40% of the company’s stock.

Myers Industries Company Profile

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.